Financial Daily from THE HINDU group of publications
Tuesday, May 25, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 25, 2004 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks City Union Bank profit up 71 pc Our Bureau
Coimbatore , May 24 THE Kumbakonam-based City Union Bank Ltd (CUB) has posted a net profit of Rs 57.04 crore for the fiscal 2003-04, registering a 71 per cent growth over the previous year's Rs 33.37 crore. The board has recommended a dividend of 50 per cent and a special "centenary year" dividend of 20 per cent. This recommendation, however, is subject to the approval of the Reserve Bank of India. Interest income was up by Rs 42.67 crore at Rs 276.18 crore compared with Rs 233.51 crore for the corresponding period of the earlier fiscal. Interest expenses amounted to Rs 179.94 crore (Rs 167.11 crore), while the operating expenses stood at Rs 44.95 crore (Rs 39.93 crore). The bank has earmarked Rs 60.76 crore (Rs 46.95 crore) towards other provisions and contingencies. Deposits grew by 22.84 per cent to Rs 2,846.65 crore (Rs 2,317.37 crore). The bank managed to bring the net NPA to 6.37 per cent from a high of 8.21 per cent.
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